Dream Chasers: Deadline This Week to Vote for a New Carver
Dream Chasers Capital Group urges Carver Bancorp (NASDAQ: CARV) shareholders to vote for change ahead of the Annual Meeting. The deadline to vote electronically is December 11, 2024, at 11:59 PM. Dream Chasers advocates voting FOR Jeffrey Anderson and Jeffrey Bailey for the Board of Directors using the BLUE proxy card, while voting WITHHOLD on current directors.
CEO Greg Lewis criticizes the current board's performance, highlighting the bank's low $9.4 million market capitalization and $1.831 stock price. The company argues that new leadership is needed to transform Carver into a stronger institution serving African American communities with business loans, mortgages, and investment services.
Dream Chasers Capital Group esorta gli azionisti di Carver Bancorp (NASDAQ: CARV) a votare per un cambiamento in vista dell'Assemblea Annuale. La scadenza per votare elettronicamente è il 11 dicembre 2024, alle 23:59. Dream Chasers sostiene di votare a FAVORE di Jeffrey Anderson e Jeffrey Bailey per il Consiglio di Amministrazione utilizzando la scheda blu, mentre si propone di astenersi sul voto per gli attuali amministratori.
Il CEO Greg Lewis critica le performance dell'attuale consiglio, evidenziando la bassa capitalizzazione di mercato di $9,4 milioni e il prezzo delle azioni di $1,831. L'azienda sostiene che è necessaria una nuova leadership per trasformare Carver in un'istituzione più forte al servizio delle comunità afroamericane, offrendo prestiti aziendali, mutui e servizi di investimento.
Dream Chasers Capital Group insta a los accionistas de Carver Bancorp (NASDAQ: CARV) a votar por un cambio antes de la Reunión Anual. La fecha límite para votar electrónicamente es el 11 de diciembre de 2024, a las 11:59 PM. Dream Chasers aboga por votar a FAVOR de Jeffrey Anderson y Jeffrey Bailey para la Junta Directiva utilizando la tarjeta de proxy AZUL, mientras que se debe abstenerse de votar por los directores actuales.
El CEO Greg Lewis critica el desempeño de la junta actual, destacando la baja capitalización de mercado de $9.4 millones y un precio de acción de $1.831. La empresa argumenta que se necesita un nuevo liderazgo para transformar a Carver en una institución más sólida que sirva a las comunidades afroamericanas con préstamos comerciales, hipotecas y servicios de inversión.
드림 체이서스 캐피탈 그룹은 카버 뱅콥(NASDAQ: CARV)의 주주들에게 연례 회의 전에 변화를 위한 투표를 촉구합니다. 전자 투표 마감일은 2024년 12월 11일 오후 11시 59분입니다. 드림 체이서스는 파란색 위임장을 사용하여 제프리 앤더슨과 제프리 베일리를 이사회에 지지하라고 촉구하며, 현재 이사들에게는 투표를 유보하도록 권장합니다.
CEO 그렉 루이스는 현재 이사회의 성과를 비판하며, 은행의 낮은 940만 달러의 시장 자본화와 1.831달러의 주가를 강조합니다. 회사는 카버를 더 강력한 기관으로 변화시키기 위해 새로운 리더십이 필요하다고 주장하며, 아프리카계 미국인 커뮤니티에 비즈니스 대출, 주택 담보 대출 및 투자 서비스를 제공합니다.
Dream Chasers Capital Group exhorte les actionnaires de Carver Bancorp (NASDAQ: CARV) à voter pour le changement avant l'Assemblée Annuelle. La date limite pour voter électroniquement est le 11 décembre 2024 à 23h59. Dream Chasers préconise de voter POUR Jeffrey Anderson et Jeffrey Bailey pour le Conseil d'Administration en utilisant la carte de procuration BLEUE, tout en se maintenant de voter pour les administrateurs actuels.
Le PDG Greg Lewis critique la performance du conseil actuel, soulignant la faible capitalisation boursière de 9,4 millions de dollars et le prix de l'action de 1,831 dollar. L'entreprise soutient qu'un nouveau leadership est nécessaire pour transformer Carver en une institution plus forte au service des communautés afro-américaines avec des prêts commerciaux, des prêts hypothécaires et des services d'investissement.
Dream Chasers Capital Group drängt die Aktionäre von Carver Bancorp (NASDAQ: CARV), vor der Hauptversammlung für Veränderungen zu stimmen. Die Frist für die elektronische Stimmabgabe ist der 11. Dezember 2024 um 23:59 Uhr. Dream Chasers plädiert dafür, für Jeffrey Anderson und Jeffrey Bailey in den Vorstand zu stimmen und sich bei den aktuellen Direktoren der Stimme zu enthalten, indem die BLAUE Stimmkarte verwendet wird.
CEO Greg Lewis kritisiert die Leistung des aktuellen Vorstands und hebt die niedrige Marktkapitalisierung von 9,4 Millionen Dollar und den Aktienpreis von 1,831 Dollar hervor. Das Unternehmen argumentiert, dass eine neue Führung notwendig ist, um Carver in eine stärkere Institution zu transformieren, die den afroamerikanischen Gemeinschaften mit Unternehmenskrediten, Hypotheken und Investitionsdienstleistungen dient.
- Jeffrey Bailey is the largest individual shareholder, indicating significant personal investment alignment
- Proposed directors bring relevant experience: Anderson in banking/financial services and Bailey as a successful businessman
- Significant shareholder value destruction under current board leadership
- Low market capitalization of $9.4 million
- Poor stock performance with price at $1.831
- Consistent financial losses reported year after year
Insights
This proxy battle at Carver Bancorp represents a critical juncture for the struggling community bank. The key issues highlighted by Dream Chasers -
The activist campaign emphasizes concerning metrics: persistent losses, declining shareholder value and questionable compensation practices relative to performance. For a 75-year-old institution, these financial indicators suggest deep-rooted operational issues that require strategic intervention. A successful proxy contest could catalyze necessary reforms in governance and business strategy.
The situation at Carver Bancorp exemplifies the challenges facing minority-focused community banks. Despite its historic role serving underbanked communities, particularly African Americans in New York, the bank has struggled to achieve sustainable profitability while fulfilling its community development mission. The proposed board changes could potentially help modernize operations and expand lending capabilities.
The nominees' backgrounds - Anderson's banking expertise and Bailey's position as largest individual shareholder - suggest a balanced approach to addressing both business performance and community service objectives. This proxy battle highlights the delicate balance between maintaining a community bank's social mission and ensuring financial sustainability.
Calls on shareholders to vote ahead of Annual Meeting – Vote by 11:59 PM on December 11
Says Carver's best days are ahead if shareholders vote for change
Urges all shareholders to vote for change: Vote FOR Mr. Jeffrey "Jeff" Anderson and Mr. Jeffrey Bailey
for the Board of Directors using the BLUE proxy card and vote WITHHOLD on Carver's under-
performing Directors
In an open letter, Dream Chasers encouraged all shareholders to vote FOR Mr. Jeffrey "Jeff" Anderson and Mr. Jeffrey Bailey for election to the Board of Directors (the "Board") and to vote WITHHOLD on the two Directors that are up for re-election.
"The final countdown for Carver's future is now," said Greg Lewis, Chief Executive Officer of Dream Chasers. "Either we are going to double down on the status quo of not delivering for the community or shareholders at Carver, or we will turn the page with two successful, qualified and focused directors to drive change. Whether you're an institutional or retail shareholder, we can all agree that new ideas and energy are necessary."
Lewis continued, "We have heard from a large number of shareholders who are excited about the possibility of change at Carver because they believe in the Company and want it to serve the community as well as possible. To me, the biggest tragedy is that successive Carver Boards have had the opportunity to transform the bank into a national champion providing business loans, mortgages, and stock market investments to African Americans to build wealth and have squandered that chance. All this Board has to show after ten years at the helm is a once promising 75-year-old bank with
The full text of the letter to shareholders is below:
Dear Fellow Carver Shareholders:
The deadline to vote for candidates to join the Board of Directors (the "Board") of Carver Bancorp, Inc. ("Carver" or the "Company") is coming up. You must vote by 11:59 PM on December 11, 2024.
Time is of the essence, and we urge you to vote for change TODAY, using the BLUE proxy card to vote YES for Jeffrey "Jeff" Anderson and Jeffrey Bailey, and vote WITHHOLD on Carver's under-performing Directors.
Shareholders should vote for our nominees to protect the value of their investment. As we have said previously, the facts are simple:
- Carver's Board has presided over significant losses and shareholder value destruction for too long. The Board continues to pay itself and management handsomely while we, the shareholders, suffer.
- Shareholders need a Board focused on restoring the value of their investments and driving growth and profitability to maintain Carver's important community role.
- Our nominees are extremely capable and aligned with shareholder interests: Mr. Anderson is an accomplished banking and financial services executive, and Mr. Bailey is a successful businessman and Carver's largest individual shareholder. They will bring deep experience and the voice of the shareholder to the Board.
- We love and care about Carver and its community: Mr. Anderson grew up in
Harlem and serves on three Boards of Directors of nonprofit organizations there. Mr. Bailey invested in Carver because of its opportunity to do good business by serving its community. Dream Chasers Capital Group LLC ("Dream Chasers") is a minority-owned investment firm with roots in the communities that Carver serves. - We want to see Carver do well, so that it can build on its historic role serving customers, businesses and institutions in
New York that have been left behind. The fundamental truth is that a bank that loses money year after year will be unable to serve customers and its community.
Please VOTE TODAY for Mr. Anderson and Mr. Bailey, using the BLUE proxy card. If you cannot locate a Blue card, you can vote on the White card for Mr. Anderson and Mr. Bailey. It is time to put Carver on a path to profitability and growth, and to drive shareholder value. If you have already voted for Mr. Anderson and Mr. Bailey, thank you for your vote. With your support, Carver's best days are ahead.
Sincerely,
Greg Lewis
Dream Chasers Capital Group LLC
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of Dream Chasers Capital Group LLC ("Dream Chasers") or any of the other participants in the proxy solicitation prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Dream Chasers that the future plans, estimates or expectations contemplated will ever be achieved.
Certain statements and information included herein may have been sourced from third parties. Dream Chasers does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.
Dream Chasers disclaims any obligation to update the information herein or to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or unanticipated events.
IMPORTANT INFORMATION AND WHERE TO FIND IT
DREAM CHASERS STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ ITS DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS FILED BY DREAM CHASERS WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS ARE ALSO AVAILABLE ON THE SEC WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS' PROXY SOLICITOR, OKAPI PARTNERS LLC, 1212 AVENUE OF THE
Contacts
For Media:
Breitenbush Partners
Andrew Wilson, (773) 425-4991
awilson@breitenbushpartners.com
For Investors:
Okapi Partners
Bruce Goldfarb/Tony Vecchio
(877) 629-6356
(212) 297-0720
info@okapipartners.com
About Dream Chasers Capital Group
Dream Chasers Capital Group LLC is a
1 Market capitalization and stock price based on CARV share price as of market close on December 8, 2024. Source: Yahoo! Finance.
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SOURCE Dream Chasers Capital Group
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